rollover loan

rollover loan

(1) A construction loan that automatically converts to permanent financing upon completion of construction.(2) A loan from a person's own retirement plan that continues into a new retirement plan if one changes jobs. (3) Short-term loans (as short as 14 days) that automatically renew if not paid,but incur substantial fees in connection with the renewal.The most common type is the payday advance loan.

References in periodicals archive ?
o Q4 2020 Q4 2030: a rollover loan amounting to 5 million euros with flexible withdrawals and repayment according to cash flow plan linked to the project.
The OFT report comes to some pretty damning conclusions about the payday loan industry, revealing that half of its revenue is earned from rollover loan, and there are also concerns over lenders failing to carry out proper affordability assessments.
Based on the conventional trade finance solutions, ICBC provides rollover loan in line with the different stages of ship building, supplemented by forward settlement of different tenors in order to address their difficulty to access bank loans.
This will include about $8.7bn project loans, $4.2bn programme loans (mostly from the World Bank and the Asian Development Bank), about $14bn of rollover loans (from Saudi Arabia, the UAE, China, Qatar and Islamic Development Bank) and up to $8bn in commercial loans.
ACE also denied making rollover loans. "A customer with a delinquent account is not allowed to take out another loan with ACE until the previous loan is paid off," spokesman Eric Norrington insisted.
The advice from CAB is very clear: "If you have got into debt, avoid rollover loans. Come and see the CAB for free, confidential advice on how to cope.
Ms Lewis, 60 - believed to be on PS60,000 a year - said the payday lending industry has "very bad practices", such as rollover loans, yet she is against a crackdown.
Reiterating comments made in her April 2 testimony before the Subcommittee on Financial Institutions and Consumer Credit, Fox said provisions offered in the bill, including repayment plans and a ban on rollover loans, have already proven ineffective in states where they have been attempted.
(Rollover loans are not legal in New Hampshire state, but critics claim they occur anyway.)
A fast-growing, lucrative industry will continue to prey on low-income and vulnerable citizens by charging exorbitant interest rates and offering rollover loans that can bury borrowers in debt.
Mr Mayo also called for a ban on rollover loans, where people are lent more money before they've paid their current loan.